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TELEFONICA del Perú will shortly launch the first ever sol denominated Eurobond transaction in a major step forward in the development of international markets in local Latin American currencies.

JP Morgan Securities Inc is to arrange a $4.1bn loan financing for Hilton Hotels Corp to fund the hotel chain's $70 per share tender offer of ITT Corp. The Beverly Hills, California-based hotel company has indicated that it will pay half cash, half stock for ITT. Chase Securities Inc has arranged a secured $600m revolving credit for Hechinger Investment Co. Pricing for the five year loan is based on the company's interest coverage ratio. The Prime margin range is Prime flat to 50bp and the Libor margin range is 150bp to 200bp.

Angola

Market commentary Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759

China Sanwa Bank (Hong Kong), LTCB (Hong Kong), Skandinaviska Enskilda Banken (Hong Kong) and United Overseas Bank (Guangzhou) have launched a $98.4m loan for New Century International Leasing Co Ltd.

GLOBAL co-ordinators Goldman Sachs and Creditanstalt have launched the largest Austrian privatisation to date -- the government's sale of 50% of its holding in the national tobacco company, Austria Tabakwerke. Austrian shares do not usually attract high levels of interest from international investors and tobacco companies are not the easiest stocks to sell. But investment bankers say they are encouraged by the demand which has been elicited after two weeks of pre-marketing the transaction.

THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract. Bankers said the decision to go ahead in a still nervous market had largely been prompted by a growing list of borrowers that hope to access the 144A market by the end of the year.

BancAmerica Securities Inc has completed and signed the $225m (increased from $200m) US-CP facility renewal for CAF. Banks joining the one year at 20bp risk-participation fee facility are largely drawn from the 1996 syndicate with the exception of one new lender IBJ.

THE PEOPLE'S REPUBLIC of China will next week launch its long awaited global bond in the first sovereign vanilla bond from Asia since currency turmoil swept through the region earlier this year.The deal was mandated to Merrill Lynch and JP Morgan in July with launch scheduled to coincide with the IMF/World Bank's September meeting in Hong Kong. However, the landmark financing has since been on hold as the finance ministry waited for spreads to contract.

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